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Do you trust your insurer ?

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Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
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Do you trust your insurance provider?
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Boom despite the Gloom

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Simon Cooper, Deputy Chairman and CEO, HSBC Middle East & North Africa, discusses the past year and reinforcing its position as a leading international bank.

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May 22, 2012 2:15 by



For us in MENA that means we will focus investment on key growth markets where we can achieve scale and returns – specifically KSA, Egypt and the UAE; strengthen our position as a leading in­ternational trade and business bank; and focus on serving the growing need for wealth management in the region, which, as an international bank, we are uniquely positioned to do.

There has long been talk of a need for consolidation in the UAE banking in­dustry. Do you believe that the gov­ernment/regulator can take steps to push that process? Do we need to have consolidation to have a more secure banking sector?

A healthy banking sector needs the right number of financial institutions to serve the population, local and expat, business and trade flows, and national development. It is true that overcrowd­ing can lead to imbalance, risking a “flooding” of the system, which may increase competition.

However, although regulatory in­tervention is an option, it is not neces­sarily the preferred one and it requires political will and commitment. In my view, voluntary rather than artificial consolidation is a more sustainable so­lution.



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